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Used Daewoo for Sale in Egypt

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The Real Reason Why Daewoo Stopped Operating

Daewoo Group was founded in 1967 by a South Korean businessman named Kim Woo-jung. The automobile manufacturer benefited from government-sponsored cheap loans based on potential export profits.

The Rise and Fall of Daewoo

In the late 1970s, the country's labor force was high in demand so the government forced Daewoo into shipbuilding. Woo-jung had a few concerns and he was reluctant to enter this industry, but the company found success in it and soon earned a reputation for producing competitively priced ships and oil rigs.

During the 1980s the Korean government encouraged free market trade and forced companies to be more aggressive abroad. That's when Daewoo established a number of joint ventures with U.S. and European companies and produced consumer electronics, computers, construction equipment, buildings, and musical instruments (Daewoo Piano). On top of that, it became the seventh largest car exporter and the sixth largest car manufacturer in the world. Daewoo has faced huge success at that time and that's what made it very surprising for the company to shut down.

In 1998 and due to the Asian financial crisis, Daewoo Group went into deep financial trouble. By 1999, the second largest corporation in South Korea with interests in about 100 countries, went bankrupt and had debts of about US$50 billion. The group was reorganized into three separate parts: Daewoo Corporation, Daewoo Engineering & Construction, and Daewoo International Corporation. However, the automobile company discontinued and the Daewoo commercial vehicle manufacturer was taken over by Tata Motors.

At the end of the day, the company's bankruptcy had nothing to do with the performance of the car. So, if you're thinking about buying a used Daewoo, we advise you to check the selection we have on OpenSooq.

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